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Startups have many things to focus on, but they can’t forget to track vital key performance indicators and metrics. By tracking metrics, owners and investors have an objective look at the performance of a startup. I have strategically advised many startups and have been involved, as a board advisor and non-executive director, in acquiring startups. There are 6 vital areas of measurement that I would look at to evaluate the performance of a startup. In the initial launch of a startup, the focus tends to be only on revenue and profits. However, if a startup has hopes of surviving and [...]

Tesco, the British-based international grocery and general merchandising retail group is the world’s third largest retailer by profit, with more than 6,500 stores and 475,000 employees. With an organisation of this scale, being able to communicate strategy and execution effectively is more important than ever. In this article, we’ll take a look at Tesco’s previous approach to performance management and see how the retail giant has massively streamlined its strategic objectives in recent years.Understanding Tesco’s previous “Corporate Steering Wheel” approachTesco used to use what it called a Corporate Steering Wheel for setting out strategic objectives. This performance management framework was [...]

The French philosopher Voltaire once advised to ‘judge of a man by his questions rather than by his answers’ and Albert Einstein maintained that all he ever did was ask simple questions. I have developed the concept of Key Performance Questions (KPQs) as a tool to help develop better and more meaningful Key Performance Indicators (KPIs). KPQs basically identify the questions we need answers to before we then find KPIs that will help us answer those questions. In business, we often focus too much time on finding answers without asking the right questions. Nobel Prize winner Paul A. Samuelson makes [...]

People often tell me they don’t want KPIs, they want ‘SMART KPIs’. It’s a common misconception that KPIs need to be SMART to be effective. Yet, in fact, there’s no such thing as a SMART KPI – it’s your objectives or goals that need to be SMART. In this article we’ll clear up the confusion between KPIs, objectives and targets, and look at the most effective way to create and use KPIs in your business. Setting SMART goals SMART objectives or goals are wonderful things because they bring clarity, structure and measurability, turning a vague aim into something much more [...]

Organisations that want to grow their business—and even sustain it—need to generate leads. The only way to know if your lead gen activities are effective is to track and measure your customer acquisition initiatives. Customer acquisition KPIs allow you to see what’s working and what’s not so you can adjust your strategy to be more effective. Here’s my recommendation for how to measure lead generation with customer acquisition KPIs that really matter. Map out and optimise your sales funnel In order to consistently have sales, your sales funnel must always be filled with leads. The first step in measuring your [...]

Brand awareness gives companies a better understanding of how well their brand is known among potential customers and associated with a specific product or service offering. Even though brand awareness is crucial in the buyers’ journey, it can be undervalued in organisations because its importance is misunderstood and it is seen as notoriously difficult to measure. The benefits of strong brand awareness include boosting revenue in the short-term while being important for a business’ longevity, it helps shorten sales cycles and increases customer retention because people like doing business with companies they are familiar with. Brand awareness is that important [...]